Over the past few weeks, the price of the Factom token (FCT) has increased a whopping 300%. Why is this? Big partnership announcements have been coming out, recent Forbes coverage, a new protocol website, and amazing new developments funded via Factom’s grant pool and unique authority node incentive model.
What is Factom?
Factom is a decentralized protocol currently consisting of over 25 ANOs (authority node operators), maintaining 51 infrastructure nodes. ANO’s receive FCT tokens for the operation and maintenance of their designated servers.
The protocol is designed to leverage the security and immutability of blockchain for the purpose of proving data. The Factom protocol uses its own blockchain to publish data proofs.
Every 10 minutes, the merkle root of the Factom blockchain is committed to another blockchain (currently bitcoin) in order to leverage the security of that other chain.
The Factom protocol does not use a Proof-of-Work or Proof-of-Stake consensus algorithm…